Shell has entered into an agreement to acquire a portion of Ultra Petroleum’s Marcellus and Utica assets in exchange for all of its Pinedale field assets in Wyoming. Ultra will also pay Shell USD 925 million. Shell’s Pinedale assets consist of 19,000 net acres of leasehold interest, 1,108 gross wells, and an average of 0.7% overriding royalty interest in 11,500 acres. Second-quarter production from these assets averaged 190 MMcf/D of dry gas. Ultra’s Marcellus and Utica assets comprise 63,000 net acres in the Marshlands area and 92,000 net acres in the Tioga area. Production from these assets averaged 109 MMcf/D over the first half of 2014.